Hungary intends to introduce a tax on assets over 3.1 million dollars

The government in Budapest intends to introduce a wealth tax for assets exceeding one billion forints. (3.1 million dollars)

Balint Ruff, chief of staff to Hungarian Prime Minister Peter Magyar, stated that the wealth tax will be a significant measure for Hungary, aimed at reducing inequality. The regulation has been prepared for a long time and will target incomes and assets exceeding one billion forints. The Tisza Party, led by Magyar, won the elections in April, promising to address rising inequality during Viktor Orban's government. The Prime Minister estimated that the tax could generate annual revenues of 300 to 600 billion forints, with plans to implement it next year.

Wealth tax proposals are gaining global popularity, but the results in countries that have adopted such measures are mixed. Ruff did not detail how the tax will be applied in Hungary, but emphasized that its purpose is not punitive, but aims to expand social responsibility, in the context of a budget deficit of 7.5% of GDP.